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Fitch eyes Colgate Energy positively
Fitch Ratings said it placed its ratings on Colgate Energy Partners III LLC, including its B+ issuer default rating and BB-/RR3 senior unsecured notes ratings, on ratings watch positive.
The placement follows the announcement that Centennial Resource Development, Inc. (CDEV) has agreed to an all-stock merger of equals, the agency said.
“The transaction creates the largest pure-play exploration and production (E&P) company in the Delaware basin with approximately 180,000 net acres, 40,000 net royalty acres and pro forma production of approximately 145 mboepd by 4Q22. The combined entity will also maintain a strong balance with mid-cycle leverage forecast below 1.5x. Fitch believes the pro forma size, asset and leverage profiles are consistent with BB- IDR category E&P thresholds,” the agency said in a press release.
Fitch said it aims to resolve the rating watch upon completion of the transaction, which is expected to be in second half of this calendar year.
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